Query Regarding 1% tax cokkected at Source

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  1. gsanand

    gsanand New Member

    What I understand, seller has to collet 1% tax from buyer at the time of sale and has to submit it to Govt. Buyer at the end of year can claim this 1% tax credited / rebate in his income tax. So now question arrises
    1. How Govt. is getting benift from this tax. If he has to pay this as rebate / creadit to buyer account?
    2. How a single seller (no fram) can pay this 1% tax to Govt. ?
    3. How Govt. wil track this sale ?
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